Castle Brands Inc (NYSEMKT: ROX) is off to an overwhelmingly strong day in the market today. While the gains were slow early on, the stock started to spike in a big way minutes ago as rumors started to hit the wire. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (1:02), ROX is trading at $1.80 per share after a gain of $0.20 per share (12.50%) thus far today.
ROX Considering Potential Of Sale… Rumors Say
As mentioned above, ROX started to spike in a big way minutes ago as rumors surrounding the stock started to hit the wire. The rumors suggest that the company is mulling over the idea of selling itself. Of course, like most rumors, this one is overwhelmingly vague.
It’s important to keep in mind that takeover, potential sale, and other massive movement rumors like this happen in the market all the time. In fact, this is the second rumor I’ve personally reported on today. While rumors are overwhelmingly common, they’ve also proven to be overwhelmingly inaccurate. In fact, it’s incredibly rare that this type of rumor proves to be valid. So, if you’re going to trade on this news, make sure that you trade with caution.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ROX. In particular, we’ll be looking for any news associated with a potential sale. While we don’t believe that there is any validity to the rumors currently surfacing, anything can always happen in the market. We’ll continue to follow the story closely and bring the news to you as it breaks!
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